International law firm Pinsent Masons – which has a thriving Birmingham office on Colmore Square – saw partner profit levels jump by nearly a third in the last year, even as the company contracted.

In the year to April 30, the company turned over £206 million, down four per cent on the previous year. The average profit per equity partner went up to £410,000, compared to £310,000 in 2009/09.

Pinsent managing partner David Ryan said: "Our results reflect a spirited and determined performance by everyone in the business. In a tough climate, we not only made real progress but also made some important, strategic investments – particularly in Life Sciences and Islamic Finance – which augur well for this year.

"There were some stand out performances in many areas of our business – most notably international arbitration, our Gulf operations, restructuring and pensions, and outsourcing, technology and commercial. Many other businesses held their own.

"We are confident that there is more progress to be made this year, along with sizeable investment in our major new London HQ."